It’s being described as a major undertaking but a win-win for the city of Appleton.
The common council voted on amended items for an agreement signed with U.S. Venture to build their $54.5 million headquarters in downtown Appleton.
U.S. Venture would be built on the site that was formerly Fox Banquets and Rivertyme Catering which is about 4 acres.
The original agreement signed in December called for the developer to build a parking ramp with 4-levels which would then be bought and owned by Appleton.
But now it looks like Appleton is going to pay for the ramp.
They didn’t want to take on the total cost the council says at least now this way they have more control over how much they will end up paying for ramp.
In total the city will end up contributing at least $55 million – 20 million of that will be paid using tax credits and there could also be changes to the price of parking.
“Let’s not be surprised were somewhere down the road we have to talk about increasing our parking rates because that is going to be a reality as we move forward,” says council member Edward Baranowski.
The CEO of U.S. Venture, John Schmidt, was not able to make it to the meeting, but he did make this statement:
“while we have the space to expand on our current property we chose downtown appleton. the location will boost our accessibility to the non-profits and community partners we engage with and put team members in the heart of the action.”
The project was estimated to be completed by 2021, but because of the ramp finance difficulties that completion date has been pushed back to 2022.